FG to obtain $550m Chinese loan

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Federal Government has approached the China Import Export Bank, to obtain a loan of $550million to acquire two new communications satellites for the Nigeria Communications Satellites Limited and the completion of project by Galaxy Backbone Limited.

Mr. Adebayo Shittu, minister of Communications, who disclosed this at a forum on the proposed ICT University, adding that Galaxy Backbone also needed about $350m to complete the funding of its project so that the country would be properly covered.

The third area the money was needed, the minister said was the proposed ICT University, which would provide skill training and manpower to Nigerian youths and potential students from other African countries.

He stressed that other critical areas that needed financing were the ICT Park and Exhibition Centre and the establishment of the ICT Development Bank.

Shittu charged the Central Bank of Nigeria to assist in creating a platform for the smooth take-off of the proposed ICT Development Bank, and urged other stakeholders to consider investing in specific areas of the industry.

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